A GROUP of wealth management consultants will be sponsoring the world famous One Ton Cup sailing race, hosted by Pwllheli Sailing Club next month.

It is the first time in nearly 100 years that the event is being held in the UK and the Pwllheli Sailing Club beat off serious bids from Ireland, France and England to host the race, which takes place between September 5 and 9.

Announcing Lighthouse Group Plc's sponsorship of the race, chief executive Matthew Goldsmith said: "The profile of the One Ton Cup is an exciting platform from which Lighthouse can build upon its reputation as a provider of innovative solutions to clients.

"With the recent repositioning of our company as wealth management consultants, we are very excited to be associated with the teams, boat owners and supporters of this top class race."

The One Ton Cup is considered the cream of international sailing events and thousands of people, and the world's media, will flock to the area.

It will attract Royal competitors and Olympic-standard sailors, many of whom also compete in the Americas Cup.

Sports channels from satellite stations and Europe's media will be on hand to document the event, which is annually watched by 220 million people in 73 countries worldwide.

There are only 21 International Class 45 boats in the world and teams are currently entered from France, UK, Germany, Greece and the USA, with anticipated entries also coming from Spain and Sweden. They will be competing for a 10kg solid silver trophy valued at #75,000.

"We are delighted to welcome Lighthouse as sponsors of this important race and value the association of such a prominent financial group, which we believe will enhance this major stepping stone for Pwllheli in attracting national and world events on a regular basis," said Stephen Tudor, on behalf of Pwllheli Sailing Club's Cardigan Bay One Ton Cup Committee.

Local agencies, led by Antur Dwyryd-Llyn, have organised a two-day exhibition on behalf of Welsh companies and businesses.